Global Furan Resins Market Overview:
The furan resins are heterocyclic organic compound polymers that are obtained from furfuryl alcohol and this furfuryl alcohol are obtained from corn cobs, wheat bran, oats, sugarcane bagasse and others. The furan resins are those applications in rocketry as a hypergolic fuel which ignites readily in presence of fuming nitric acid and red fuming nitric acid. There has been significant rise in Phenolic resins which will hamper the growth of furan resin because its cost gets 55% lower than the standard furan resins. Further, increasing demand from the developing countries owing to growth in the health and environmental concerns owing to increasing application in bio-based activities. The Furan resins are mixed with various automotive parts in order to increase their tensile strength and reduce overall vehicular weight that expected to drive the demand for furan resins over the forecasted period.
- Growing awareness regarding bio-based raw materials boost the furan resins market.
- Increase demand in automobile and foundry industries.
- Widespread applications witnessed in paints and plastics, gas hardening and foundry.
- Value oriented customers preferred plastic materials.
- Safety issues in transportation Associated With furan resins.
- High Cost associated with raw materials of furan Resins.
- Growing Demand of furan resins in rocket parts while entering into earth atmosphere.
- Upsurge Demand of furan resin in composites applications.
- Environmental regulations on furan resins due to toxic in nature.
- Exhaustion of stimulating gas during molding and pouring.
“In furan resins market, it has been observed that most of the companies are introducing Furan-Phenol Hybrid that suited for the manufacture of moulds and cores designed for the production of advanced ductile iron castings, but also for high-quality steel castings.”
Some of the key players profiled in the report are DynaChem Inc. (United States), Hongye Chemical Co. Ltd (China), Penn A Kem LLC (United States), Nova Molecular technologies (United States), Continetal Industries Group Inc. (United States), Shenzhen Shu Hang Industrial Development Co. Ltd. (China), SolvChem Inc. (United States), NeuChem Inc. (United States), SweetLake Chemical Ltd. (United States) and Ideal Chemical & Supply Company (United States). Additionally, following companies can also be profiled that are part of our coverage like CKE (United States), Novasynorganics (India) and International Process Plants (United States). Analyst at AdvanceMarketAnalytics see United States Vendors to retain maximum share of Global Furan Resins market by 2024. Considering Market by Catalyst, the sub-segment i.e. Phosphoric will boost the Furan Resins market.
“According to CLP(Classification, Labelling and Packaging) regulation, the furan resins with a furfuryl alcohol content of over 25% (monomeric) are classified as toxic, which is in force throughout the EU. The foundryman is therefore left with the choice of either continuing to work with standard furan resins or switching to alternative systems. ”
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Furan Resins market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Furan Resins market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Furan Resins Manufacturers, Furan Resins Traders, End-Use Market Participants of Different Segments of Furan Resins, Government and Research Organizations, R&D Institutions and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.